Aamra Technologies Ltd's loss nearly doubled in the third quarter of fiscal 2025-26 as a sharp decline in sales and higher finance costs weighed on profitability.

The company reported a loss per share (EPS) of Tk0.65 for January-March 2026, compared with Tk0.33 in the same quarter a year earlier, according to its unaudited financial statements disclosed today (15 September).

For the nine months through March, its loss per share rose to Tk1.84 from Tk0.97 a year earlier.

The company said declining sales adversely affected all major financial indicators, while higher finance expenses further weakened its performance.
Its operating cash flow also deteriorated sharply. Net operating cash flow per share (NOCFPS) turned negative at Tk0.18 during July 2025-March 2026, compared with positive Tk1.33 in the same period a year earlier.

Aamra Technologies attributed the decline mainly to lower cash collection, while higher finance expenses also contributed. It said operating expenditure and supplier payments had improved compared with the previous year.

The weaker earnings and cash generation were reflected in its net asset value (NAV), which fell to Tk16.62 per share as of 31 March 2026 from Tk18.46 as of 30 June 2025.

The company's financial performance had been deteriorating since the beginning of the fiscal year. It reported losses per share of Tk0.52 in the first quarter and Tk0.67 in the second quarter, compared with Tk0.25 and Tk0.39, respectively, a year earlier. Its six-month loss per share stood at Tk1.19, up from Tk0.64.

Meanwhile, the company's share price has shown unusual volatility in recent months.

The stock rose nearly 59% from Tk14.50 on 23 June to Tk23.10 on 9 August on the Dhaka Stock Exchange (DSE), before falling 33% in 24 days to Tk16.30 yesterday.

The unusual trading activity has drawn regulatory attention. The Bangladesh Securities and Exchange Commission (BSEC) has instructed the DSE to investigate the abnormal price movement and trading in the shares.

The probe will examine possible market manipulation, insider trading and the role of brokers in suspicious transactions.

The government has raised the commission paid to dealers on urea, triple superphosphate (TSP), diammonium phosphate (DAP) and muriate of potash (MOP) by Tk 1 to Tk 3 per kilogramme, while keeping the prices paid by farmers unchanged.

The Finance Division issued the order following a letter from the Ministry of Agriculture dated September 14. The revised dealer-level prices will take effect from July 1, 2027.

The move comes amid concerns over alleged hoarding and supply control by some dealers and retailers to create an artificial shortage of fertiliser and drive up prices, according to a Special Branch report.

Shahnaz Akhter, agriculture economist for fertiliser management and monitoring at the Ministry of Agriculture, said dealers previously received a commission of Tk 2 per kg, which has now been raised to Tk 3.

Dealers had long been demanding the increase, citing rising loading and unloading costs. Their commission had not been revised since 2009, Shahnaz said.

Under the revised rates, the dealer-level price of urea has been reduced from Tk 25 to Tk 24 per kg, while the farmer-level price remains Tk 27.

The dealer-level price of DAP has been cut from Tk 19 to Tk 18 per kg, with farmers continuing to pay Tk 21. The price of TSP for dealers has been reduced from Tk 25 to Tk 24, while the farmer-level price remains Tk 27. For MOP, the dealer-level price has fallen from Tk 18 to Tk 17, with farmers continuing to pay Tk 20.

Meanwhile, a Special Branch report alleged that collusion among dealers and retailers to create an artificial shortage through hoarding and supply control was causing discontent among farmers.

The report was sent to the Ministry of Home Affairs on September 8 with 15 recommendations to address the problems identified.

The recommendations include ensuring a transparent and competitive process free from political and local influence in appointing dealers, selecting dealers through a digital lottery based on merit, monitoring dealers’ fertiliser stocks and distribution online, and taking swift legal action, including cancellation of dealerships, when irregularities are found.

Some 55 percent of knitwear factories have seen international retailers and brands either cancel or reduce work orders amid the ongoing energy crisis, according to a survey by the Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA).

The disruption has also caused widespread production losses, shipment delays and higher costs, with nearly two-third of the surveyed factories facing the risk of defaulting on bank loans, according to the survey findings released yesterday.

The BKMEA surveyed 20 percent of its member factories in Narayanganj, Gazipur, Chattogram, Dhaka and other areas between August 21 and September 14, BKMEA Executive President Fazlee Shamim Ehsan confirmed to The Daily Star.

Nearly 78 percent of the surveyed factories reported partial production shutdowns, while 87 percent faced shipment delays. Around 60 percent had to offer discounts to buyers because of the disruptions.

Electricity shortages were the biggest reported disruption, affecting around 90 percent of the factories.

The crisis has also increased production costs. Around 92 percent of the surveyed factories incurred additional costs for alternative fuels, while a similar proportion reported wasted labour and working hours.

Nearly 89 percent said they faced the risk of losing buyers’ confidence, while about 59 percent faced the risk of defaulting on bank loans. Around 7 percent reported completely shutting down production.

“The garment sector is going through a difficult time. Even though many of us are doing well… some factories got shut down. If the government gives us good policy support we can overcome this challenge,” said Fazlee.

90% AFFECTED BY POWER SHORTAGE

The survey showed that electricity shortages were the biggest reported disruption, affecting around 90 percent of the factories. Nearly 75 percent were affected by gas shortages and about 14 percent by other shortages or disruptions.

Among respondents who provided information on gas pressure, supply had fallen by an average of around 78 percent from normal requirements.

The deterioration in electricity supply was also significant. Among respondents who provided information on load-shedding hours, the average daily duration of outages had increased by around 200 percent from the previous period.

The disruptions have had a substantial impact on production. Knitting output fell by an average of 37-38 percent, dyeing production by 51 percent and garment sewing production by 40 percent, according to the survey.

Of the surveyed factories, around 45-46 percent were from Narayanganj, 20 percent from Gazipur, 18 percent from Chattogram, 13 percent from Dhaka and nearly 3 percent from other areas.

Bangladesh is seeking alternative sources of crude oil as rising security risks around the Bab el-Mandeb Strait are making shipments from the Middle East longer and more costly.

The Bangladesh Petroleum Corporation (BPC) has already started discussions with potential suppliers and hopes to import crude from a new source soon, its newly appointed chairman Md Rafiqul Islam said yesterday.

“We have already spoken to representatives of an alternative source about importing crude oil. We are hopeful that we will be able to import crude from an alternative market very soon,” he told reporters at an exchange-of-views meeting at the BPC headquarters in Chattogram.

He said BPC began exploring alternative sources after the Middle East crisis escalated in March.

Following tests of crude from different countries, Eastern Refinery found oil from four countries -- Nigeria, Malaysia, Norway and Algeria -- compatible with its existing refining process.

The refinery tested Nigeria’s Bonny crude, Malaysia’s Malaysian Blend, Norway’s Alvheim Blend and Algerian crude and found that all four could be processed using its existing facilities.

Eastern Refinery submitted its findings to BPC in early April.

The state-owned refinery has the capacity to process around 1.4-1.5 million tonnes of crude oil a year. It currently processes Arabian Light crude from Saudi Arabia and Murban crude from the United Arab Emirates.

These two grades are used to produce 13 types of petroleum products, including diesel, bitumen and petrol.

Rafiqul Islam said there would be no fuel shortage until December, as the country has sufficient stocks and confirmed import orders.

The government has both short- and long-term plans to meet fuel demand, he said.

Meanwhile, BPC has almost finalised an LPG import deal following several rounds of tenders. The consignment is expected to arrive by the end of this month, the chairman said.

The move to diversify crude sources comes as security risks around the Bab el-Mandeb Strait are forcing Bangladesh-bound fuel vessels to take longer and costlier routes.

Bangladesh Shipping Corporation’s crude oil tanker MT Ninemia, carrying nearly 100,000 tonnes of crude, arrived at Chattogram port on Saturday after taking an alternative route through the Suez Canal, the Mediterranean, the Strait of Gibraltar and around the Cape of Good Hope.

The voyage took around 50 days and incurred an additional cost of Tk 66.63 crore.

A local official of the tanker told The Daily Star that the vessel could have reached Chattogram from Yanbu in around 13-15 days had it sailed through the Bab el-Mandeb and the Indian Ocean.

The proposed price hike of bakery products, including biscuits and bread has been put on hold for the time being following a meeting between the government and business leaders yesterday (15 September).

The decision was taken at a meeting held at the Ministry of Commerce with Commerce Minister Khandakar Abdul Muktadir in the chair, according to a press release.

The meeting discussed in detail the recent announcement by businesses to increase prices of bakery products and the costs involved in their production and marketing.

Representatives of relevant business organisations attended the meeting.

Following the discussion, business leaders agreed to keep the decision to increase the prices of biscuits and bread suspended for the time being.

Meanwhile, a committee headed by the chairman of the Bangladesh Trade and Tariff Commission (BTTC) has been formed to review the costs related to the production and marketing of bakery products, prices of raw materials, taxes and duties, and other relevant issues.

The committee has been asked to submit its report within seven days. The government will take further decisions after reviewing the issues concerned based on the committee's report.

The government said at the meeting that it would take initiatives to keep the market of essential food items stable, giving the highest priority to public and consumer interests without causing losses to businesses.

It also said necessary measures would be taken in coordination with all relevant stakeholders to ensure the supply of products at reasonable prices.

Commerce Secretary Md Ataur Rahman Khan and leaders of bakery product businesses were present at the meeting.

When Finance Minister Amir Khosru Mahmud Chowdhury unveiled this fiscal year’s budget, he offered good news to compliant taxpayers, particularly those who file returns early.

“All categories of taxpayers will be able to file returns throughout the year. Those who submit returns early in the year will receive tax incentives,” he told the parliament.

But there is a catch. Taxpayers who have already cleared their full income tax liability before June may be excluded from the new 5 percent early-filing incentive.

This has raised questions about fairness among taxpayers, practitioners and former officials of the National Board of Revenue (NBR).

Under Finance Act 2026, individuals filing between July 1 and September 30 qualify for an incentive equal to 5 percent of tax payable, or Tk25,000, whichever is lower. The problem lies in the phrase “tax payable”, rather than “total tax liability”.

Consider a taxpayer with a final liability of Tk5 lakh who has already paid it in full through advance tax or tax deducted at source (TDS).

When the taxpayer files, there is no tax payable left after adjustments, leaving little scope for the incentive. Another taxpayer with the same liability but an outstanding balance at filing time could receive the full Tk25,000.

Tax practitioners say the provision could discourage the very taxpayers it is meant to reward.

Meanwhile, another taxpayer with an identical liability but an outstanding balance at filing time could pocket the full Tk 25,000.

“If the objective is to encourage voluntary compliance, taxpayers who have already paid their taxes should not be placed at a disadvantage,” said Sabbir Ahmed, tax practitioner and president of the Institute of Chartered Accountants of Bangladesh.

“There should be a distinction between encouraging late taxpayers to file early and rewarding taxpayers who have already demonstrated compliance,” he said.

The issue is particularly relevant for salaried employees, whose taxes are often deducted at source throughout the year, and taxpayers who pay advance tax against expected liability, since such payments are later adjusted against final liability.

Former NBR member Syed Md Aminul Karim said the provision raises questions about equity.

“The person who has been a good taxpayer and has already paid the tax earlier, he is the loser. And the person who has not paid, he is the gainer. This raises a question of equity,” he said.

Aminul said the issue could be addressed through a clarification in the relevant circular rather than a legal amendment.

“The law does not necessarily have to be changed. The explanation in the circular needs to be changed,” he said.

“Those who regularly pay their taxes are facing a disadvantage. I think this is a mistake. It should be corrected,” he added.

Snehasish Barua, director of SMAC Advisory Services Limited, said the provision could particularly disadvantage salaried employees whose taxes are fully deducted at source and deposited with the government.

“Those who work in compliant companies have 100 percent of their tax deducted and deposited into the government treasury,” he said. “So you are effectively penalising the compliant taxpayers and incentivising the non-compliant.”

He suggested calculating the incentive on gross tax liability rather than net payable amount.

“This should have been based on the gross amount, because you are not giving more than Tk25,000 anyway. Since it is based on the net amount, it is creating discrimination here,” he said.

The NBR introduced the incentive as part of changes to the return-filing framework for individual taxpayers, following repeated extensions of filing deadlines.

Under the new provision, returns filed between October 1 and December 31 will face neither incentive nor additional tax.

Those filed between January 1 and March 31 will attract additional tax of 2 percent of payable tax or Tk 3,000, whichever is higher. For returns filed between April 1 and June 30, the additional tax rises to 5 percent of payable tax or Tk 5,000, whichever is higher.

An official involved with the budget process said the new provisions need to be read together to understand the incentive and advance tax requirements.

“Whatever advance tax is payable has to be paid by June. If not, there will be additional interest on the unpaid portion,” the official said. “Suppose a person has Tk 100 tax payable. If he pays Tk 90 by June, he will pay simple interest on the remaining Tk 10.”

Asked whether the provision raises a fairness issue for taxpayers who have already paid in full, the official said, “We are ensuring fairness in this area,” adding that the issue would become clearer when the relevant provisions are considered together.

Another tax official, speaking on condition of anonymity, said the original plan was broader.

“Initially there was a plan on the whole tax liability. But it was curtailed by the high-ups,” the official said, adding that there was currently no option to address the issue unless the tax law was amended.

Moody's Ratings has revised Bangladesh's sovereign outlook to stable from negative, citing easing political and external pressures, stronger foreign exchange reserves and record remittance inflows.

The rating agency, in its latest assessment released today (15 September), affirmed Bangladesh's long-term issuer and senior unsecured ratings at B2 and its short-term issuer ratings at Not Prime.

Moody's said the risks that had prompted the negative outlook had become more balanced at the B2 rating level.

It said the post-election transition and the government's strong mandate had reduced the risk that political uncertainty would derail reforms.

Bangladesh's external position has also strengthened, supported by higher foreign exchange reserves, a more flexible exchange rate regime and record remittances that have helped offset increased energy import costs, the agency said.

Continued engagement with the International Monetary Fund (IMF) and other international financial institutions remains an important anchor for external financing and reforms, although discussions are still under way over the terms of a successor IMF programme.

Reserves strengthen, growth recovery gradual

Bangladesh's foreign exchange reserves had risen to around $32.9 billion by mid-2026, equivalent to more than four months of import cover, from about $21.4 billion at the end of 2024.

Moody's attributed the improvement to record remittances increasingly flowing through formal banking channels, the more flexible exchange rate regime and the removal of earlier market distortions.

The agency expects economic growth to recover gradually. Real GDP growth rose to 4.1% in FY2026 from 3.5% in FY2025 and is projected to reach 4.3% in FY2027 before accelerating to around 4.9% from FY2028 as investment and industrial activity normalise.

Inflation, however, is expected to remain around 9% before easing gradually.

Banking sector remains key weakness

Despite the improved outlook, Moody's retained Bangladesh's B2 rating, citing the country's narrow revenue base, weak debt affordability and significant vulnerabilities in the banking sector.

The agency said reforms had revealed system-wide non-performing loans of around 32.8%, while banks would require recapitalisation equivalent to around 10% of GDP to restore regulatory capital adequacy.

Such a requirement could place a significant burden on the government because of limited fiscal space and growing reliance on domestic bank financing, Moody's said.

Banking-sector liquidity, meanwhile, has remained stable, with system-wide deposits growing by around 12% year-on-year to March 2026. This suggests the sector's main weakness is solvency rather than liquidity, according to the agency.

Narrow revenue base constrains fiscal strength

Moody's said Bangladesh has one of the narrowest government revenue bases among rated sovereigns, limiting its fiscal flexibility.

Interest payments absorb close to 30% of government revenue, even though government debt remains relatively moderate at around 40% of GDP.

The agency expects debt to rise gradually over the medium term because of persistent primary deficits and potential costs associated with supporting the banking sector.

Continued access to concessional financing should nevertheless help contain borrowing costs and refinancing risks, it said.

Energy, LDC graduation pose risks

Energy supply constraints remain a risk to Bangladesh's growth prospects, Moody's said.

A recent disruption at an LNG import terminal exposed vulnerabilities in the country's energy supply system and caused shortages affecting power generation, industry and fertiliser production.

The agency also warned that Bangladesh's graduation from least-developed-country (LDC) status in the coming years could put pressure on export competitiveness and access to concessional financing.

The ready-made garment (RMG) sector is expected to remain a key pillar of exports, supported by Bangladesh's competitive position. Sustained structural reforms, however, will be needed to realise the country's longer-term growth potential.

What could change the rating?

Moody's said faster-than-expected progress in addressing banking-sector weaknesses, stronger revenue mobilisation, and improvements in institutions and policy effectiveness could create upward pressure on the rating.

Conversely, a material crystallisation of banking-sector liabilities on the government's balance sheet, a weaker growth or fiscal outlook, reduced access to external financing or renewed political instability could put downward pressure on the rating.

Bangladesh's apparel exports to the US surged 25.65% year-on-year in August, despite a decline in shipments to the market during the first half of 2026.

According to data from the Bangladesh Export Promotion Bureau, compiled by non-government organisation Bangladesh Apparel Voice, the country exported more than $817 million worth of ready-made garments to the US market in August.

In the first two months of the current fiscal year, July and August, Bangladesh's RMG exports to the US totalled $1.61 billion, up 11.42% year-on-year.

The US is Bangladesh's single largest export market. In the fiscal 2025-26, Bangladesh exported more than $7.74 billion worth of RMG to the country.

However, according to the latest statistics from the Office of Textiles and Apparel (Otexa) under the US Department of Commerce, Bangladesh's RMG exports to the US fell 5.75% in the first half of 2026 compared with the same period a year earlier.

"We are seeing better order flows from the US market for the coming months than in the previous months."

Rakibul Alam Chowdhury, managing director, HKC Apparels Ltd
Exporters cautiously optimistic

Exporters have mixed expectations about the market, with some remaining cautious while others are hopeful that shipments will recover in the coming months if geopolitical tensions do not worsen and Bangladesh's energy supply improves.

Rakibul Alam Chowdhury, managing director of Chattogram-based RMG exporter HKC Apparels Ltd, which sends 90% of its exports to the US market, told The Business Standard, "We are seeing better order flows from the US market for the coming months than in the previous months."

He added. "We hope the market will rebound, provided geopolitical tensions do not escalate further and the country's gas and electricity supply situation improves."

Abdullah Hil Nakib, deputy managing director of Team Group, a leading RMG exporter whose exports to the US account for about one-fourth of its total exports, said, "The US market scenario is still not optimistic. It is not like a normal scenario."

Mohiuddin Rubel, CEO of Bangladesh Apparel Voice, said if the current pace of exports is maintained throughout the 12 months, Bangladesh's RMG exports to the US could reach nearly $9 billion in FY27.

Bangladeshi expatriates sent home $1.526 billion in remittances during the first 14 days of September, according to the latest data from Bangladesh Bank.

This reflects a 3.4 percent growth compared to $1.475 billion received during the corresponding period last year.

On September 14 alone, the country received $98 million in remittances.

With the latest figures, total remittance inflows between July 1 and September 14 in fiscal year 2026-27 reached $7.351 billion, marking a 15.3 percent year-on-year growth from $6.375 billion collected during the same period of FY26.

A lack of modernising global trading system and absence of the World Trade Organisation (WTO) would create an uneven turf in which the least-developed countries (LDCs) would lose out in terms of economic growth and exports.Stock Market Updates

The intergovernmental agency dealing with world trade governance rang the alarm bell in the wake of its virtual existential crisis with big powers dabbling in tariff and trade wars.

And, if the current structure of multilateral trade cooperation, under the umbrella of the WTO, is replaced by an unstructured network of free-trade agreements (FTAs), LDCs may lose 16.5 per cent of gross domestic product (GDP), which is more than three times the losses projected for high-income economies.

There are currently 44 LDCs on the United Nations (UN) list of which 37, including Bangladesh, have become WTO members to date. Four LDCs are negotiating to join the WTO now.

The World Trade Report 2026, released Tuesday in Geneva, made these projections. The title of the report is 'A critical juncture for the world trading system'.Bangladesh Economic Report

The report was formally unveiled in a session of the WTO Public Forum 2026. WTO Director-General Ngozi Okonjo-Iweala made the formal statement on the report followed by a panel discussion.

The report cautions that inaction to upgrade the trading system could reduce global output by up to 10 per cent.

Earlier, a press conference also took place at the WTO secretariat to present the highlights of the report and reply questions of the media representatives.

WTO Chief Economist Robert Staiger along with report coordinators Roberta Piermartini and Kathryn Lundquist talked at the conference to explain the key features of the report. The press conference was conducted by Ismail Dieng, director of WTO's information and external relations division.

"The report's model simulations compare alternative futures for trade cooperation," said Staiger. The modelling compares three stylised futures.

He said global GDP would fall by 5.1 per cent and global exports by 18.6 per cent in a geo-fragmented world scenario. The fragmented world means the world that splits more sharply along geopolitical lines.

Under this scenario, real GDP is projected to decline by 10.6 per cent in LDCs and 7.3 per cent in middle-income economies, compared with 2.9 per cent in high-income economies.

Again, in an 'FTA world' scenario, global GDP would fall by 6.9 per cent and global exports by 26.9 per cent, added the WTO chief economist.

In the scenario, multilateral cooperation is replaced by a network of free-trade agreements without cooperation between the groupings. There is also an absence of WTO.

LDCs may face as high as 45 per cent of losses in their exports under the FTA world scenario though the losses would be lower at 33 per cent under a geo-fragmented scenario.

Collective LDC exports rose 11 per cent in the last year to US$ 309 billion, after rising by 8.0 per cent in the previous year. The share of LDCs in world merchandise exports also reached 1.21 per cent in 2025, according to WTO statistics.

Bangladesh is the top merchandise exporter amongst the group of LDCs covering around 17 per cent of all LDCs' exports.

There is, however, a reason to be optimistic as per the latest world trade report. It mentions that under the 'enhanced-cooperation scenario', where multilateral trade cooperation is reinforced, global GDP would increase by 2.9 per cent or US$ 3 trillion by 2050 and global exports by 17.9 per cent.

Under the scenario, real GDP in LDCs is projected to increase by 7.7 per cent, compared with 3.1 per cent for middle-income economies and 2.5 per cent for high-income economies. Export gains for the LDCs would be 45 per cent under the scenario.

"The relatively larger gains for LDCs reflect the greater benefits they would derive from tariff-and other trade-cost reductions," adds the report.

As multilateral trading system is facing serious challenges to deliver, it is now necessary to strengthen the trading system through reforms.

The reform could increase global economy by roughly 3 per cent or US$ 3 trillion by 2050 and also enhance global exports by around 20 per cent.

The World Trade Report 2026, just released by the World Trade Organization (WTO) in Geneva today (Tuesay) made these observations. The theme of the report is: ‘A critical juncture for the world trading system.’

wtr2World Trade Report 2026 at a display – WTO Photo

As per the report, for least-developed countries (LDCs), which currently account for less than one per cent of global trade, the gains could be particularly significant.

LDCs' GDP is projected to increase by 7.7 per cent due to benefits they would derive from tariff and other trade cost reductions, according to the report.

“High-income economies stand to gain substantially in absolute terms, with projected GDP gains of about US$ 1.7 trillion in 2023 dollars, reflecting in particular the benefits of lower trade costs in services,” the report continued.

The report is formally unveiled in Geneva on Tuesday at a session of the WTO Public Forum 2026. Earlier, a press conference also took place at the WTO secretariat to present the highlights of the report and reply questions of the media representatives.

WTO Chief Economist Robert Staiger along with report coordinators Roberta Piermartini and Kathryn Lundquist talked at the conference to explain the key features of the report. The press conference was conducted by Ismail Dieng, director of WTO’s information and external relations division.

World Trade Report 2026, however, cautioned that inaction to modernise the trading system could reduce global output by up to 10 per cent.

“The simulations by WTO economists showed that global GDP would fall by 5.1 per cent and global exports by 18.6 per cent in a geo-fragmented world scenario,” said Staiger. “The fragmented world means a world where the multilateral trading system splits into geopolitically aligned blocs.”

Again, in an ‘FTA world’ scenario, global GDP would fall by 6.9 per cent and global exports by 26.9 per cent, added the WTO chief economist.

The FTA world means replacement of the multilateral cooperation is replaced by a network of free trade agreements (FTAS) and absence of the WTO.

Now, if there is an enhanced cooperation in the world, where multilateral trade is reinforced, global GDP would increase by 2.9 per cent and global exports by 17.9 per cent, according to the report.

“The gap between strengthened multilateral cooperation and erosion of the WTO is equivalent to roughly 5 to 10 per cent of global real GDP,” added the report.

“If cooperation is replaced by an unstructured network of free trade agreements, LDCs could lose 16.5 per cent of GDP, more than three times the losses projected for high-income economies,” it further added.

The report mentioned that WTO's present challenges are, in many important respects, a consequence of the system's own achievements.

The multilateral organisation helped to create a more open, integrated and rules-based word economy, along with a situation where trade policy plays a more critical role, it added. As growing trade frictions become more complex, WTO membership also becomes diverse.

Despite various challenges, the WTO rules remain the essential legal foundation for international commerce. “Around 72 per cent of all global merchandise trade still takes place on the core most-favoured-nation (MEN) tariff terms negotiated and committed to by the WTO's 166 members,” the report said.

It also mentioned that though WTO members agree that the organisation WTO needs reform, they have struggled yet to reach agreement on how to update the rules on various issues.

The issues ranged from agriculture, services and development to concerns around transparency, subsidies and national security.

The report categorically said: “The future of the trading system will depend on members' ability to repair what is broken, update what is outdated, preserve what works, and adapt cooperation to new policy spillovers.”

“The world economy that the WTO helped to create does not weaken the case for rules-based cooperation; it makes renewal of that more urgent,” it added.

Robert Staiger, however, made it clear that the report does not prescribe a blueprint for WTO reform. “It highlights areas where adaptation of trade rules may be needed,” he added.

The report acknowledged that the multilateral trading system has delivered substantial gains, but not for all.

“Not all economies have shared equally in these gains,” it said. “Least-developed countries (LDCs) still account for less than I per cent of world trade, and some commodity-dependent economies and those with a low level of participation in global trade have experienced limited improvements or fallen further behind.”

This year’s trade report is the 24th edition of the WTO’s one of the key annual flagship publications. The World Trade Report was first published in 2003 focusing on development.

JPMorgan is set to launch a new index tracking government bonds from 26 frontier-market countries, including Bangladesh. The index will cover nearly $330 billion worth of local-currency government debt. What does that mean for Bangladesh and international investors?

What is a bond?

A bond is essentially a way for a government to borrow money. When the Bangladesh government needs to borrow, it can issue government bonds.

Investors buy those bonds and in return the government promises to pay interest and repay the principal when the bond matures. Bangladesh issues many of these bonds in taka. These are known as local-currency government bonds.

What is a bond index?

A bond index is a basket or list of bonds used as a benchmark to track the performance of a particular group of bonds or markets.

For example, an international investment fund looking to invest in frontier-market government bonds can use JPMorgan's index to see which countries and bonds are represented and how the market is performing.

JPMorgan is now creating a new benchmark specifically for local-currency government bonds from frontier markets.

What is a frontier market?

Financial markets are often broadly grouped into three categories: developed, emerging and frontier.

The US, UK and Japan, for example, have developed financial markets.

Countries such as India, Brazil and Indonesia are generally considered emerging markets.

Frontier markets are generally smaller and less-developed financial markets, with the potential for strong growth but also greater risks, less liquidity and less-developed financial infrastructure.

JPMorgan frontier bond index, covering $330b debt, to include Bangladesh
Bangladesh is classified as a frontier market in this context.

What exactly is JPMorgan doing?

JPMorgan is preparing to launch a new index called GBI-EM Edge by the end of September. It will track eligible local-currency government bonds from 26 frontier-market countries. The index will cover nearly $330 billion worth of debt.

This does not mean JPMorgan is investing $330 billion in these countries. Rather, the bonds represented by the index will have a combined value of nearly $330 billion.

Think of it as JPMorgan creating a global benchmark for a $330 billion pool of frontier-market government bonds.

Why is Bangladesh being included?

Bangladesh will be one of the 26 countries in the index. The countries expected to have the largest weightings include Bangladesh, Egypt, Vietnam, Morocco, Kazakhstan, Pakistan, Nigeria and Sri Lanka.

JPMorgan has capped the weighting of any individual country at 8%. Bangladesh is expected to receive the maximum 8% weighting. It means that, within this particular index, Bangladesh's eligible bonds can account for up to 8% of the index.

Why does this matter to Bangladesh?

The most important potential benefit is greater visibility among international investors. Large global investment funds often use major bond indexes as benchmarks for deciding where and how much to invest. Some funds also seek to replicate or track particular indexes.

Therefore, when Bangladeshi government bonds become part of a major international index, more global investors may start looking at Bangladesh's bond market. That could potentially lead to greater foreign participation in the domestic government-bond market.

But inclusion does not guarantee that foreign investors will pour money into Bangladesh. Investors will still consider Bangladesh's inflation, interest rates, exchange rate, economic outlook, market liquidity and policy risks before investing.

What does "local-currency debt" mean?

This is simply government debt issued in the country's own currency. For Bangladesh, a taka-denominated government bond is local-currency debt.

Suppose the government issues a bond for Tk10 billion. An investor buys it, the government pays interest and eventually returns the Tk10 billion when the bond matures. This is different from borrowing in US dollars or another foreign currency.

Why does borrowing in local currency matter?

Foreign-currency borrowing creates an additional risk for a government: exchange-rate movements.

Suppose Bangladesh borrows $1 billion when the exchange rate is Tk100 to the dollar. The debt was equivalent to Tk100 billion at that time. If the taka later weakens to Tk130 against the dollar, the same $1 billion debt would be equivalent to Tk130 billion.

So a weaker taka makes foreign-currency debt more expensive in local-currency terms. Local-currency borrowing avoids this particular exchange-rate risk for the government because it borrows and repays in taka.

The currency risk, however, does not disappear. It is largely shifted to the foreign investor, who is ultimately interested in the value of the investment in their own currency.

Why is JPMorgan launching the index?

There is growing interest among international investors in frontier markets because these markets can offer higher yields and potentially higher returns than more established markets.

According to Reuters, the new index has a nominal yield of almost 10.4%, around 440 basis points higher than JPMorgan's mainstream emerging-market local-currency bond index.

Higher yields can be attractive to investors. But they also reflect higher risks. Frontier markets can face greater currency volatility, lower liquidity and greater economic and policy uncertainty.

Which countries are in the index?

The 26 countries are: Albania, Angola, Bangladesh, Botswana, Côte d'Ivoire, Dominican Republic, Egypt, Georgia, Ghana, Jamaica, Jordan, Kazakhstan, Kenya, Morocco, Namibia, Niger, Nigeria, Pakistan, Paraguay, Senegal, Sri Lanka, Tunisia, Uganda, Uzbekistan, Vietnam and Zambia.

African countries will account for almost 45% of the index, while the Frontier Asia group -- mainly Vietnam, Kazakhstan, Pakistan and Bangladesh -- will account for nearly one-third.

What could it mean for Bangladeshi investors?

The index is primarily relevant to international investors and Bangladesh's government bond market, rather than being a new investment product for ordinary Bangladeshi savers. Greater international participation could potentially make Bangladesh's government-bond market deeper and more liquid. It could also encourage further development of the country's domestic capital market.

But it can work both ways. Once a country's bonds become part of a major global index, international investors also pay closer attention to its economic and financial conditions. A deterioration in confidence could therefore affect investment flows as well.

The bigger picture

The World Bank estimates that frontier-market economies are home to about one-fifth of the world's population, but account for only 3.1% of global capital flows and less than 5% of global GDP.

That gap is one reason international institutions have encouraged the development of deeper local-currency bond markets.

For Bangladesh, JPMorgan's move is therefore significant not because the bank is bringing $330 billion into the country, but because Bangladeshi government bonds are being placed on a major global investment benchmark alongside bonds from 25 other frontier economies.

The potential gain is greater access to international capital. The trade-off is greater exposure to global investors — and greater scrutiny of Bangladesh's economy, currency, policies and financial markets.

Biman is preparing to sign deals for 21 more Boeing and Airbus aircraft within weeks, taking its unfulfilled orders to 35 aircraft.

The national flag carrier currently has 19 planes.

Sources familiar with the process told The Daily Star that an agreement on 11 Boeing aircraft is expected during the UN General Assembly, followed by a deal on 10 jets with Airbus next month.

Details of the Boeing aircraft, their variants, value, financing structure, and delivery schedule have yet to be publicly disclosed.

The proposed Airbus package comprises four A350-900s and six A321neos, sources said.

The purchases would come on top of a $3.7 billion agreement signed in April for 14 Boeing aircraft: eight 787-10s, two 787-9s and four 737 MAX-8s, with deliveries scheduled to run from November 2031 to October 2035.

State Minister for Foreign Affairs Humaiun Kobir said at a programme in Dhaka on September 12 that Bangladesh needed to expand its aircraft fleet to support new routes and networks.

Any decision to buy Boeing or Airbus aircraft, he said, was “all business of Bangladesh, nobody else’s”.

Against this backdrop, European Union Ambassador Michael Miller last week urged the government to ensure a level playing field in Biman’s procurement process, saying such decisions should be made “on the basis of commercial merit.”

The proposed Airbus purchase came up again yesterday when British High Commissioner Sarah Cooke met Civil Aviation and Tourism Minister M Rashiduzzaman Millat at his Secretariat office.

According to a ministry press release, Millat said Biman was facing an aircraft shortage and that steps were being taken to add aircraft urgently.

He said any procurement would be carried out transparently, based on recommendations from the High-Level Negotiation Committee.

Biman currently operates 19 aircraft, including five turboprops, four 777s, four 787-8s, two 787-9s, and four 737-800s. If the deals go through, it will be the largest fleet expansion in Biman’s history.

Biman has not released a consolidated business case explaining how a mixed fleet and new planes would be used and when the old ones would be retired.

AIRBUS DEAL

Biman had earlier signalled readiness to conclude the Airbus agreement by August 31, according to sources familiar with the process. After that deadline passed without a signing, officials said the deal is now likely in October.

Millat at a programme in Mymensingh on August 31 said that Bangladesh would buy aircraft from France, England, and Germany, where sections of Airbus aircraft are made.

A source familiar with the process said Bangladesh bought Boeings at list prices, while Airbus had offered discounts.

The source said Airbus would begin the delivery process soon after the agreement is signed, with 85 percent of the purchase cost covered through financing from the UK, Germany, and France.

Interest rates would be disclosed only after the agreement is signed, sources said.

Airbus has also proposed a package covering maintenance, repair and overhaul (MRO), as well as pilot and cabin crew training, fleet planning, and cabin design, another source said.

BOEING DEAL

The potential order of 11 Boeing planes came to the fore on August 30, when US Special Envoy for South and Central Asian Affairs and Ambassador to India Sergio Gor said on X that President Donald Trump and Prime Minister Tarique Rahman had made “another incredible deal”.

Trump later shared the announcement and wrote to Tarique, expressing appreciation for the “decision to purchase.”

On September 1, Humaiun Kobir said Bangladesh faced no pressure from the US to buy Boeing aircraft, adding that the fleet expansion was based on the needs of the aviation sector.

CARGO HANDLING

The Cooke-Millat meeting also covered aviation security and airport operations.

Millat sought steps towards withdrawing the European Union’s High Risk Cargo & Mail (HRCM) status, imposed on Bangladesh in 2017, saying it had increased the time and cost of shipping. He said the government had taken initiatives to have the status withdrawn and was moving to install Explosive Detection Systems (EDS) at airports. The minister said Hazrat Shahjalal International Airport and Sylhet Osmani International Airport had received satisfactory ratings in a recently completed audit and that the government now wants the EU to withdraw the HRCM status.

Cooke said the UK was ready to cooperate with Bangladesh in its efforts to establish an aviation hub.

The meeting also discussed Menzies Aviation’s interest in working with Biman on ground handling at the third terminal.

Sources familiar with the process said the UK-based company wants to handle cargo there and that the proposed operation could create around 1,000 jobs locally.

They said Menzies is seeking government approval.

The third terminal is set to be operated by a Japanese consortium led by Sumitomo Corporation, which the Civil Aviation Authority of Bangladesh said will have the prerogative to select a second ground-handling operator alongside Biman.

Sources said proposals from interested firms, including Menzies, would therefore be assessed through that selection process.

Importing food grains, fertiliser and other goods from the Middle East and Europe will become more expensive as war-risk insurance costs rise for vessels using the Red Sea amid escalating fighting along Yemen’s coast.

The higher insurance premiums and other additional costs will ultimately be passed on to consumers as shipowners and charterers adjust their expenses, said Md Mehrul Karim, chief executive officer of SR Shipping, a maritime concern of KSRM Group with 27 ocean-going vessels.

The US-Israel’s war on Iran, which began on February 28 this year, severely disrupted shipping through the Strait of Hormuz. The disruption has increased the importance of alternative routes, including the Red Sea, for some Middle Eastern oil and fertiliser shipments.

Oil tankers can sail from Saudi ports through the Bab el-Mandeb Strait, then into the Gulf of Aden and across the Arabian Sea to reach Asian markets.

But Houthi forces have recently seized strategic territory around the strait, including Perim Island, raising the risk to shipping through the route. The conflict has already disrupted maritime traffic, while recent Houthi attacks and advances along Yemen’s coast have increased the risk of further disruption to the passage.

Ship operators and owners say the situation is increasing the risk of renewed attacks and higher war-risk insurance premiums for vessels using the Red Sea corridor.

The charterer of one of the seven ships owned by state-owned ship operator Bangladesh Shipping Corporation (BSC) was planning to send the vessel to carry cargo to Yanbu, a major Saudi port on the Red Sea coast.

When BSC sought a quotation on Monday for war-risk insurance coverage from a foreign insurance company, it asked for a much higher premium.

BSC Managing Director (Insurance Cell) Md Ahasan Ul Karim said the company received a quotation seeking more than 1 percent of the value of a ship as a war-risk premium, while the rate earlier ranged between 0.125 percent and 0.75 percent.

War-risk premiums are calculated as a percentage of the total hull and machinery (H&M) value of the vessel for each transit.

Ahasan said a small rise in the premium means hundreds of thousands of dollars in extra costs for a seven-day voyage.

War-risk premiums are determined on a case-by-case basis and issued for a short period of one week or 10 days.

Satyajit Barman, head of business at TK Group, said the Red Sea has been widely used to import food grains, fertiliser and other goods from Europe and the Middle East.

“Amid war risk, the insurance premiums would surely rise, and it would add to the already soaring transport cost,” he said.

The alternative route to Bab Al-Mandeb is to sail around Africa’s Cape of Good Hope, a detour of approximately 7,500 kilometres that would take an additional 20 to 25 days and require higher bunker costs, Barman said.

He added that one of the group’s wheat shipments is expected to arrive from the Baltic region in the coming weeks.

The Bangladesh Securities and Exchange Commission (BSEC) has approved the winding-up proposal for the UFS-Pragati Life Unit Fund, a mutual fund.

Bangladesh General Insurance Company (BGIC), trustee of the fund, disclosed the regulatory approval in a statement today (15 September), citing a BSEC letter dated 9 August.

As trustee, BGIC has begun the process of liquidating the fund in accordance with the Bangladesh Securities and Exchange Commission (Mutual Fund) Rules, 2025. Further directives on asset realisation and investor settlements are expected from the trustee in due course.
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The open-ended mutual fund was sponsored by Pragati Life Insurance, which maintained an investment of Tk98 lakh in the vehicle, while management responsibilities rested with Universal Financial Solutions Limited (UFS).

The liquidation follows years of profound regulatory investigations and financial scandals surrounding the asset management company. Stock market regulators first unearthed financial misappropriations by UFS officials, including Managing Director Syed Hamza Alamgir, back in 2022.

The malfeasance widened significantly when the BSEC moved to file cases against top executives for laundering Tk170.69 crore across multiple open-ended portfolios, including the UFS-Bank Asia Unit Fund, UFS-IBBL Shariah Unit Fund, UFS-Padma Life Islamic Unit Fund, and UFS-Popular Life Unit Fund.

In December 2023, the Anti-Corruption Commission (ACC) filed a formal case against 24 individuals, implicating high-ranking UFS personnel, officials from the Investment Corporation of Bangladesh who served as fund trustees, and independent auditors for embezzling Tk311 crore of investors' funds.

According to ACC case filings, Syed Hamza Alamgir and his co-accused executed coordinated forgeries, systematically routing investments through unauthorised bank accounts and business entities to obscure the illicit origins of the money.

Investigators documented widespread regulatory breaches, which included showing Tk59.40 crore in unauthorised investments, generating Tk148 crore in fake fixed deposit receipts, and failing to deposit Tk63.87 crore accrued from share sales back into the fund. Additional siphoning involved millions collected under the guise of management and trustee fees.

The sweeping financial fraud also prompted the securities regulator to penalise audit firm Ahmed Zaker and Co, barring them from the stock market for collaborating in the systematic embezzlement of public savings.

The Bangladesh Financial Intelligence Unit (BFIU) has ordered brokerage houses, merchant banks and other capital market intermediaries to set up dedicated compliance units as part of a broader move to strengthen safeguards against money laundering and terrorist financing.

The directive, issued in a circular yesterday (15 September) to the chief executives of brokerage houses, merchant banks, portfolio managers, securities custodians and asset management companies, requires each institution to establish a Central Compliance Unit (CCU) at its head office, headed by a chief anti-money laundering compliance officer (CAMLCO).

They must also appoint branch anti-money laundering compliance officers (BAMLCOs) and formulate specific policies to prevent money laundering and terrorist financing.

Under the new rules, firms must establish whether any influential person is among the beneficial owners associated with capital market-related institutions.

They must collect complete and accurate customer information from reliable sources, including national identity cards, passports and birth registration certificates, when opening accounts. Electronic know-your-customer (e-KYC) procedures may also be used where necessary.

The institutions must regularly screen customers to identify links with individuals or entities listed under United Nations Security Council resolutions or designated by the Bangladesh government as prohibited persons or entities.

They have also been instructed to monitor transactions regularly and report any complex, inconsistent or apparently illegal transaction in writing to the BAMLCO. The CCU must verify such transactions and, where necessary, report them immediately to the BFIU through the GoAML web-based system.

The circular stressed that such reports must be kept strictly confidential.

The firms must conduct self-assessments every six months using a prescribed checklist and arrange independent verification through their internal audit departments.

The BFIU also directed them to conduct background checks when recruiting staff, provide regular training on anti-money laundering measures, and retain customer and transaction records for at least five years after an account or business relationship is terminated.

Market intermediaries have proposed reviving the long-suspended pre-opening trading session and introducing new trading strategies and products to improve liquidity and revive activity on the Dhaka Stock Exchange (DSE).

The proposals came at a meeting between the DSE and representatives of leading brokerage firms held at the DSE boardroom today (15 September), where participants discussed short-, medium- and long-term measures to address the capital market's prolonged weakness.

The brokers also called for a review of debt repayment deadlines and extensions of Bangladesh Bank's special capital market schemes to provide relief to financially distressed intermediaries.

They proposed introducing a members' margin net-off facility to reduce financing costs and ease liquidity-management pressure on brokerage houses.

The meeting was attended by DSE Managing Director Nuzhat Anwar, senior DSE officials and representatives of leading brokerage firms.

Opening the meeting, Nuzhat said the DSE wanted to hear stakeholders' practical experiences and constructive recommendations on the market's development.

She said the exchange would consider the proposals and, where necessary, place them before the DSE board and the Bangladesh Securities and Exchange Commission for further action.

She also said preparations for launching a derivatives market were progressing, with the exchange working to complete the necessary technological infrastructure, including software, within the planned timeframe.

Saiful Islam, president of the DSE Brokers Association (DBA), said the market was going through a difficult and frustrating period, while several longstanding issues remained unresolved.

"Identifying the causes of the current situation and finding ways to overcome them are among the key objectives of the discussion," he said, urging market participants to put forward practical solutions rather than merely identifying problems.

Participants also called for inspection and surveillance activities to become more regular, data-driven, risk-based and transparent.

They recommended that regulatory action be taken after system-based verification of information, with greater focus on unusual price movements and genuine signs of manipulation rather than normal fluctuations in trading volume.

They further stressed the need to diversify the market beyond equities by expanding the range of bonds and other financial instruments. A clearer regulatory framework for dealers' roles and responsibilities was also proposed.

To attract foreign investment, participants recommended identifying and removing policy and procedural barriers, arranging investor-focused seminars and dialogues, and increasing direct engagement with high-net-worth investors and genuine market players.

They also urged the exchange to encourage leading companies to list on the stock market and examine the possibility of allowing share buybacks over the longer term.

Nuzhat said the DSE was strengthening its IT and organisational capacity, with a board-approved plan already under implementation. Training officials and developing data-based software are also underway to make inspection more structured and facilitate data reconciliation.

She said coordinated efforts were also progressing on online account opening, improving retail investor services and introducing T+1 settlement.

The DSE's new website is nearing completion and is scheduled to be launched at a press conference on 22 September. The existing website will remain operational for another two to three months to facilitate the transition and allow improvements based on user feedback.

Nuzhat said the exchange would work with all stakeholders to make its operations more transparent, efficient and accountable while strengthening the broader capital market ecosystem.

Salman F Rahman, former private industry and investment adviser to ousted prime minister Sheikh Hasina, has agreed to resign from the boards of Beximco Group companies, a move expected to break a nearly two-year regulatory and legal deadlock and clear the way for long-delayed board meetings and annual general meetings.

Salman, who has been in jail since August 2024 and is facing multiple criminal charges, agreed to step down following discussions with the government, according to sources familiar with the matter.

The group's three listed companies – Beximco Ltd, Beximco Pharmaceuticals PLC, and Shinepukur Ceramics PLC – have separately informed the Bangladesh Securities and Exchange Commission (BSEC) of Salman's intention to resign and sought regulatory approval to reconstitute their boards, according to letters obtained by The Business Standard.

According to BSEC sources, his resignation is expected to remove a major obstacle to the companies' board operations – allowing them to hold board meetings and AGMs.

The development has also eased uncertainty surrounding Beximco Group in the stock market. Shares of all three listed companies gained today (15 September) as the DSEX rose 93 points after falling for five consecutive trading sessions.

In its letter to the BSEC, Beximco Pharmaceuticals said Salman intends to resign from its board "in consideration that the businesses be allowed to operate without any hurdle and interference in the best interest of Beximco Pharmaceuticals, its shareholders and employees".

The company said its board would be reconstituted after completion of the required regulatory procedures.

Under the proposed structure, the Beximco Pharma board would comprise four directors nominated by foreign shareholders, one director from local financial institution IFIC Bank, three sponsor directors, two independent directors in line with the Corporate Governance Code and a newly appointed managing director.

However, the proposed restructuring faces a regulatory hurdle because Salman's exit would reduce the combined shareholding of the sponsor group below the required 30% threshold.

A person familiar with the matter said Beximco Group and related sponsor shareholders, including IFIC Bank, currently hold around 30% of Beximco Pharma, with Salman alone holding about 2%.

His departure would therefore reduce the sponsor group's combined holding to roughly 28%, below the regulatory requirement.

The BSEC has suggested bringing foreign shareholders onto the board or adding another shareholder to the sponsor group to address the shortfall, according to sources.

The company has already approached its foreign shareholders, but they have shown reluctance to join the board, a source said. Discussions are continuing to find a solution.

"The immediate challenge is to maintain the required sponsor holding if the existing foreign shareholders decline to join the board," the source said, adding that bringing another shareholder into the sponsor group could be one possible solution.

BSEC Chairman Masud Khan told The Business Standard that the commission would accept the board reconstruction proposals after the regulatory issue concerning the combined shareholding of Beximco Pharma's sponsors is resolved.

He also said it was clear that Salman F Rahman would no longer remain on the boards of Beximco Group companies.

For Beximco companies without foreign shareholders, the restructuring is expected to be relatively straightforward, with independent and other proposed directors to be appointed subject to regulatory approval, according to sources.

A source also said an understanding had been reached regarding the existing court proceedings, under which the relevant writ petition or stay order would be withdrawn, clearing the way for board restructuring.

The proposed Beximco Pharma board structure is expected to include three independent directors and three directors representing the sponsor side, the source said.

Beximco Pharmaceuticals, which is also listed on the Alternative Investment Market (AIM) of the London Stock Exchange, said the appointment of new directors would have to comply with applicable AIM rules.

According to the company's letter, proposed directors must undergo due diligence through the company's nominated adviser (NOMAD) before being appointed.

The standard due diligence process generally takes four to six weeks, and the company expects the full board reconstitution process to take around six to eight weeks.

Salman also intends to resign from the boards of Beximco Ltd, Shinepukur Ceramics and Beximco Securities for similar reasons, according to the letter.

Beximco's massive debt burden

The board restructuring comes as the conglomerate faces severe financial and operational difficulties.

According to a Bangladesh Bank report submitted to the High Court, Beximco Group had total outstanding loans and liabilities of Tk50,098 crore as of 30 November 2024.

Of the total, Tk25,524 crore – more than half – had already been classified as defaulted, while a substantial portion of the remaining liabilities was at risk of becoming defaulted.

Investigations by the Bangladesh Financial Intelligence Unit (BFIU) also found that large portions of the group's loans were obtained through irregular procedures, including through entities that were allegedly non-existent or merely paper companies.

Some funds were also allegedly channelled into capital-market share manipulation.

Following the fall of the Awami League government and Salman's arrest, Beximco's debt portfolio and assets came under scrutiny from the courts and Bangladesh Bank, with options including receivership and asset sales being considered to recover funds.

The group's financial distress has also disrupted operations.

Liquidity shortages, frozen operations and default classifications have made it difficult for some companies to import raw materials, while the government and state-owned entities have had to provide emergency support to clear workers' unpaid wages and other dues.

Nearly two years without normal board operations

The interim government appointed independent directors to Beximco for a three-year term after the conglomerate became embroiled in labour unrest, unpaid wages and salaries and mounting loan defaults.

The government also provided financial support to help clear workers' dues and tasked the independent directors with addressing the group's operational and governance problems.

Beximco subsequently filed a writ petition challenging the appointment of the independent directors. The resulting legal and regulatory uncertainty has effectively paralysed the companies' boards.

The boards have not held regular meetings to approve or discuss financial results, while the companies have also failed to disclose quarterly financial performance, annual reports and monthly shareholding statements.

Stocks on the Dhaka bourse staged a strong rebound today (15 September), snapping a five-session losing streak as bargain hunters returned to the market on assurances of an imminent resolution to industrial gas supply constraints and expectations of regulatory measures to arrest the prolonged downturn.

The DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), jumped 93 points to close at 5,472, recovering a significant portion of the losses accumulated over the previous five sessions. The blue-chip DS30 index also gained 24 points to settle at 2,087.

The rebound was broad-based, with 336 issues advancing against just 21 declining and 37 remaining unchanged. Turnover, however, rose only 4% to Tk504 crore, suggesting that while buying interest returned, investors remained selective amid lingering uncertainty.

EBL Securities said the battered market finally found some relief as bargain hunting spread across the bourse. Investor confidence improved following the prime minister's assurance of an imminent resolution to industrial gas supply constraints, along with the regulator's engagement with leading brokerage firms over the market's prolonged weakness.

The market opened on a positive note and maintained its upward momentum throughout the session. The DSEX gained more than 100 points at one stage as investors moved to pick up shares that had suffered sharp corrections during the recent sell-off.

Sheltech Brokerage Limited attributed the strong performance to renewed buying interest following expectations surrounding the regulator's decision to convene an urgent meeting with leading brokerages. Reports of a significant improvement in gas supply after the outage of a floating LNG terminal caused by a fire on 21 July also supported investor sentiment.

The benchmark index climbed to an intraday high of 5,489 points, near which it settled, as buying strengthened from the middle of the session.

However, market participants cautioned that today's rally should not yet be interpreted as a decisive turnaround. Investors are likely to closely monitor whether the renewed buying momentum can be sustained and broaden across sectors in the coming sessions.

The proposed market-development initiatives by the Bangladesh Securities and Exchange Commission, developments in the Middle East conflict, the country's energy supply situation and upcoming earnings and dividend announcements by companies with June year-end remain key factors that could determine the market's direction in the near term, said Sheltech Brokerage.

Large-cap stocks played a significant role in the day's rebound. BAT Bangladesh, Beximco Pharmaceuticals, BRAC Bank, City Bank and United Commercial Bank were among the major contributors to the rise in the benchmark index.

Trading activity was led by textile stocks, which accounted for 21.9% of total turnover. General insurance followed with 19.4%, while banks accounted for 12.2%.

Most sectors posted positive returns. Services gained 4.1%, making it the best-performing sector, followed by general insurance with a 3.8% rise and paper with 3.7%.

IPDC Finance, Reliance Insurance, Eastern Bank, Sharp Industries and Envoy Textile were among the most-traded stocks.

Yeakin Polymer led the gainers, rising 10%, followed by Al-Haj Textile at 9.96% and Orion Infusion at 9.95%. Samorita Hospital and Samata Leather advanced 9.90% and 9.87%, respectively.

A few securities bucked the broader rally. PHP First Mutual Fund and Popular Life Insurance First Mutual Fund each declined 2.85%, while Zahin Textile, Shurwid Industries and Al-Arafah Islami Bank fell 2.56%, 1.69% and 1.27%, respectively.

The Chittagong Stock Exchange also ended higher. The CSCX rose 26 points to 8,935, while the CASPI advanced 44 points to close at 14,598.

Saudi Arabia will run out of oil stocks for exports if it doesn’t restart its major pipeline to the Red Sea within days, leading to a loss of up to 4 percent of global supply, Saudi oil buyers and traders said.

A further decline in Saudi flows will worsen the global supply crunch, which has already pushed global fuel prices to record highs, spurred inflation around the world and sent US bond yields to the highest levels since the 2008 financial crisis.

Since drone attacks forced Saudi Arabia to shut its huge east-west oil pipeline on Friday, Riyadh has not given full details about the extent of the damage or how long the route will stay off-line.

Sources that spoke to Reuters gave varying estimates, with one saying the damage could take as long as five to six weeks to repair, while another said it could be fixed sooner and could resume pumping partially while repairs are ongoing.

Saudi Arabia’s government media office and energy ministry did not immediately respond to requests for comment.

For the past six months, the pipeline running through the desert across the Arabian Peninsula has spared Saudi Arabia from the brunt of the impact of the wartime shutdown of the Strait of Hormuz that has crippled exports from its neighbours.

The world’s biggest exporter has used the pipeline to reroute around 4 million barrels per day — around 4 percent of global supply — to the port of Yanbu on the Red Sea.

But with the pipeline out of service, Yanbu now has stocks to maintain exports for just five to seven days, according to three industry sources familiar with Saudi exports.

Saudi Arabia also has stocks to supply customers for several days from Egypt’s ports of Ain Sukhna on the Red Sea and Sidi Kerir on the Mediterranean, a fourth source said.

Yanbu storage capacity stands at around 35 million barrels, according to industry estimates, with Ain Sukhna and Sidi Kerir able to store 18 million and 20 million barrels respectively.

Stocks are not full and will ultimately run out without the east-west pipeline resuming operations, the four sources said.

Saudi oil supply has already fallen to a more than three-decade low in August on reduced flows via Hormuz and the Red Sea, the International Energy Agency said on Friday.

World oil supply will decline this year by 5.7 million bpd, or about 6 percent, the IEA, which coordinates Western energy policies, said.

In addition to the attack on the pipeline, Houthi fighters in Yemen who have threatened Saudi oil shipments seized an island on Friday in the mouth of the Red Sea.

The Middle East supplied around 22 million barrels per day of oil before the war. Flows through the Strait of Hormuz have slowed to just 6 million to 9 million bpd, industry sources say.

Saudi Arabia told OPEC last week that its oil production had dropped to just 6.2 million bpd in August from 10.9 million bpd in February before the start of the war.